Introduction
Hi, I’m Matthew Powers, known online as ‘Gwei2High’ or ‘Gwei’. Along with my co-founders, we are proposing DumpFun, an innovative Solana DApp designed to help cryptocurrency holders eliminate underperforming or unwanted tokens from their wallets. In the rapidly evolving crypto landscape, many investors find themselves holding tokens that have lost value, become illiquid, or are part of questionable projects.
DumpFun provides a fun and rewarding way to cleanse portfolios by burning or selling these bad tokens, allowing users to reclaim Solana network rent fees and earn $DUMP points within the ecosystem. By leveraging smart contracts, game theory, and DeFi principles, DumpFun aims to bring relief and entertainment to crypto enthusiasts while generating awareness and encouraging caution among newcomers.
DAO Goals
Issues Addressed
• Portfolio Clutter: Helps users eliminate worthless tokens cluttering their wallets.
• Network Spam Reduction: Aids in cleaning the Solana network of junk and spam coins.
• User Engagement: Provides an engaging platform that encourages active participation in the Solana ecosystem.
• Education: Raises awareness about token risks and promotes responsible investing.
Alignment with C.A.R.E Goals
**• Cohesion:** DumpFun fosters a community united in improving the Solana ecosystem. By collaborating to reduce spam tokens, we enhance network health and performance, strengthening the bonds within the community.
**• Activation:** The platform incentivizes users to actively manage their portfolios, turning a negative experience into a positive one. By earning $DUMP points, users are encouraged to engage more deeply with the Solana network and the Jupiter DAO.
**• Reach:** DumpFun addresses a universal pain point among crypto holders, attracting users from various blockchain communities. By offering a unique solution, we can expand the Jupiter DAO’s reach beyond its current audience.
**• Education:** Through our gamified platform and educational content, we aim to inform users about the risks of illiquid tokens, the importance of network health, and best practices in token management.
Scaling Over Time
If advanced to the WorkGroup stage, DumpFun intends to:
• Develop Advanced Features: Introduce a marketplace, analytics tools, mobile apps, NFT integration, and gamification elements to enhance user experience.
• Expand Cross-Chain Compatibility: Extend services to other blockchains, making DumpFun an omnichain platform.
• Foster Community Growth: Implement referral programs, ambassador initiatives, and host community events to build a robust, engaged user base.
• Enhance Governance: Establish a decentralized governance model where $DUMP token holders can influence platform development and decisions.
Team
Members and Qualifications
1. Matthew Powers (Gwei2High/Gwei) – Founder/CEO
• Qualifications: Over three years of experience in DeFi, primarily on EVM-compatible networks. Former Business Developer and Marketer for O3 Swap.
• Prior Interactions with Jupiter Community: Active participant in the Jupiter DAO ecosystem and admirer of its governance model.
• Proof of Prior Work:
• O3 Swap: Contributed to the growth and development of cross-chain swap functionalities.
• Contact:
• Twitter: @Gwei2high
• Discord: gwei.gwei
2. Andy Keh – Founder/CTO
• Qualifications: Ex-Berkshire Hathaway full-stack developer and enterprise AI engineer with over a decade of experience in blockchain technology. Early Bitcoin adopter since 2010 and has been building on Solana since 2021, contributing to several DeFi projects.
• Prior Interactions with Jupiter Community: Shares insights on Solana development and contributes to community knowledge-sharing sessions.
• Proof of Prior Work:
• Applied Research: Built the Berkshire Hathaway Shoe Holdings applied research division ‘skunk works’.
• Enterprise AI Engineer: Designed and developed custom supply chain AI models deployed at a major fast fashion retailer with a 50% improvement on existing systems.
• DeFi Projects on Solana: Led development on a decentralized finance project on solana for on-chain ETFs and copy trading.
• Contact:
• Twitter: @ayekeh
• LinkedIn: Andy Keh
For Credibility:
3. Ved GPT – Founder/CTO
• Qualifications: Full-stack developer with experience in blockchain projects. Creator of Kometverse, an NFT launchpad on Polygon.
• Prior Interactions with Jupiter Community: Engages with the community through technical discussions and is keen on integrating Jupiter’s APIs.
• Proof of Prior Work:
• Kometverse: Developed a successful NFT launchpad facilitating numerous NFT projects.
• Contact:
• Twitter: @notvedgpt
• Discord: vedGPT
4. Karan Patel – Senior Developer
• Qualifications: Frontend and UI/UX developer with experience on projects like Kometverse.
• Prior Interactions with Jupiter Community: Follows Jupiter DAO developments and is interested in improving user interfaces within the ecosystem.
• Proof of Prior Work:
• Kometverse: Key contributor to the frontend development and user experience design.
• Contact:
• Twitter: @karnpatel21
• Discord: karanp_
Collective Experience
• Blockchain Development: Extensive experience across EVM, Polygon, and Solana networks.
• DeFi and NFTs: Involvement in DeFi projects and NFT platforms, providing a solid foundation for DumpFun’s development.
• Community Engagement: Active participation in various blockchain communities, including Jupiter DAO, ensuring alignment with community needs and values.
Measuring Success
Success Metrics:
**1. User Adoption:**
• Achieve 10,000 active users engaging with the platform within the first three months post-launch.
**2. Token Burn Impact:**
• Facilitate the burning or selling of at least 1 million unwanted tokens, reducing spam on the Solana network.
**3. $DUMP Point Distribution:**
• Distribute $DUMP points to active users, with at least 80% of users earning and utilizing their points within the ecosystem.
**4. Community Growth:**
• Grow our social media following (Twitter, Telegram) to over 5,000 members.
**5. Integration with Jupiter API:**
• Successfully implement Jupiter’s API for our buy/sell functionalities, enhancing the user experience and fostering ecosystem synergy.
Cost
Total Funding Requested: $15,000
Budget Breakdown
Development Costs: $10,000
• Backend and smart contract development
• Integration with Solana network and Jupiter API
• Security audits and testing
Marketing and Community Building: $3,000
• Marketing campaigns on social media platforms
• Community events and engagement initiatives
• Content creation (blog posts, tutorials, educational materials)
Operational Expenses: $1,500
• Hosting and infrastructure
• Tools and software subscriptions
Contingency Fund: $500
• Unforeseen expenses and additional security measures
Distribution Schedule
**• Initial Disbursement (20%):** $3,000 upon grant approval to cover immediate development costs and security audits.
**• Milestone-Based Payments (80%):**
**• Milestone 1 (30%):** $4,500 upon completion of backend and smart contract development (Estimated Time: 1 month)
**• Milestone 2 (30%):** $4,500 upon successful integration of Jupiter API and completion of frontend development (Estimated Time: 2 months)
**• Milestone 3 (20%):** $3,000 upon platform launch and initial user onboarding (Estimated Time: 3 months)
Time Commitment
**• Project Duration:** 3 months for initial launch
**• Team Commitment:** All team members will dedicate full-time efforts (40+ hours per week) to ensure timely and successful completion of the project.
Justification for Initial Disbursement
**• Immediate Development Needs:** Upfront costs are required for backend development and smart contract creation.
**• Security Audits:** Early security assessments are crucial to ensure platform integrity and user trust.
**• Infrastructure Setup:** Initial setup of servers and essential infrastructure components requires upfront investment.
Conclusion
We are excited to bring DumpFun to the Solana ecosystem and believe it aligns perfectly with the Jupiter DAO’s C.A.R.E goals. Our platform not only addresses a significant pain point in the crypto community but also fosters engagement, education, and network health. We look forward to collaborating with the Jupiter community and contributing to the growth and success of the Solana network.
Contact Information:
• Website: dumpfun.xyz
• Twitter: @dumpfunxyz
• Telegram: DumpFun Official Group
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